Valero Energy’s profits dropped by more than 25 percent in the second quarter as its refining margins stumbled and higher corn prices cut into profits from ethanol sales.The San Antonio refiner said Thursday that its net income was $612 million in the second quarter, down 26 percent from the same time last year, when net income was $845 million. It’s revenue was only down slightly though, falling to $28.9 billion compared to $31 million the same time last year.
Source: FuelFix
